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We've raised our fair value estimate to $600,000 per Class A share from $555,000 after updating our forecasts for the company's operating businesses and insurance investment portfolio. The fair value estimate for Class B shares is $400.

Our new fair value estimate is equivalent to 1.43 times our estimate of Berkshire's book value per share at the end of 2024 (1.32 times for 2025). For some perspective, over the past five years, the shares have traded at an average of 1.4 times their book value per share at the trailing calendar year's end.

Berkshire had $147.4 billion in cash at the end of the second quarter, dangerously close to the $150 billion level Buffett laid out as untenable to shareholders. Absent share repurchases, additional investments, and/or acquisitions, it is highly likely that the firm passed that threshold, as quarterly free cash flow has averaged around $7 billion in the past three years. That said, other than the nearly $500 million in proceeds Berkshire made from sales of HP HPQ shares in September, we have little insight into its stock investments during the third quarter.

https://www.morningstar.com/stocks/going-into-earn...

Berkshire had $147.4 billion in cash at the end of the second quarter, dangerously close to the $150 billion level Buffett laid out as untenable to shareholders.

Untenable is a strong word.

The Cash/float ratio was 86% at Q2. The ratio was higher than this from 2018 through 2021 using year-end numbers.

Doubtful there was much buyback activity in Q3.

Cash earning 5.5% is fine by me- tenable!

Berkshire had $147.4 billion in cash at the end of the second quarter, dangerously close to the $150 billion level Buffett laid out as untenable to shareholders.
...
Untenable is a strong word.
The Cash/float ratio was 86% at Q2. The ratio was higher than this from 2018 through 2021 using year-end numbers.

Yes, that was my thought too.
The comment was from almost exactly 6.5 years ago. It's a much bigger company now. Total assets are up about 90%.

"There's no way I can come back here three years from now and tell you that we hold $150 billion or so in cash or more and we think we're doing something brilliant by doing it".
Technically, I suppose one should consider the comment literally--not that they couldn't or wouldn't do it, but that if they did they couldn't claim it was a great move : )

Jim

Gregg Warren interview yesterday(?)on Bloomberg:

Paraphrasing: "The next big deal that they do, if they do one, is going to have to be very special. It will likely be the last one, and the one they will be remembered for for decades. This adds an additional level of discipline and caution when they are out there looking at potential acquisitions."

https://www.youtube.com/watch?v=xKfD8-eqTyA

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